Ch 2 Excel Template - Total 553,080 Total 553,080 b Explain...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Student Name: Ankita Shah Class: Acctg-50 Session 1 Problem 02-05 HERE COME THE CLOWNS! Balance Sheet June 30, 2007 Assets Liabilities & Stockholders' Equity Cash 32,520 Liabilities: Notes receivable 9,500 Notes payable 180,000 Accounts receivable 7,450 Accounts payable 26,100 Animals 189,060 Salaries payable 9,750 Cages 24,630 Total liabilities 215,850 Costumes 31,500 Owners' equity: Props and equipment 89,580 Capital stock 310,000 Tents 63,000 Retained earnings 27,230 337,230 Trucks & wagons 105,840
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Total 553,080 Total 553,080 b. Explain what changes would be required in your June 30 balance sheet to reflect the loss of an uninsured tent that cost $14,300. The changes that are required to be made would be to reduce the cash and the retained earnings by $14,300. As the tent was not insured it would recorded as an expense on on the income stmt for the month of June 2007, which would reduce the net income / retained earning for the period....
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern